Beginning Signs of Credit Market Freeze; Assessing Fed Pain Point

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Stress in the credit markets is rapidly building but is still below peak levels associated with prior Fed pivots on monetary policy. We think the pain trade therefore is not yet finished before global central banks, most notably the US Federal Reserve, begin to pivot on tightening. Today, we look at the number of stocks in bear markets, the credit markets, and the pressure a strong dollar is exerting on foreign dollar-denominated debt.


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